Not long ago, the subject of big data was just a niche topic. Fast forward, today, big data is the fuel driving most data-driven businesses. Companies are using big data in forming strategies, making operations efficient and accelerating the growth of their companies. Businesses such as Fredericksburg Towing Service that have not yet adopted the use of big data are now planning to incorporate it in as soon as possible.
Startups are the most affected when it comes to the adoption of big data. Here are the main challenges facing big data today.
The Lack of Talent
The big data market is severely underserved by skilled talent. Organizations are formulating an increase in their IT budgets to accommodate prominent data personnel. While the demand for this talent continues to sew up, there is no easy solution to fix the shortage of talent the market is experiencing. According to estimates from the McKinsey Global Institute, the US market is currently facing a shortage of 1.7 prominent data professionals.
When it comes to leveraging data, more than 71 per cent of businesses and IT organizations find themselves lagging. The cost of acquiring talent is very high. There is the need for organizations to improve the overall talent capabilities regarding education and the existing workforce. The shallow talent we have on the market calls for thorough training to be able to cope up with the demands of big data. Improving skill through education, training and acquisition proves to be very expensive.
There is a lot of misinformation and miseducation on the market that is pushing organizations to adopt big data blindly without weighing on its benefits. Some organizations are eagerly and blindly embracing tools that do not necessarily meet their needs and issues. Another complication is that big data platforms are inherently complex and thick to work with. These issues make it more challenging for vendors to customize the platforms according to various customer demands and needs.
The significant data sector and grown more crowded and doesn’t guarantee high rates of return to investors. It is tough for startups to stay ahead of their game on top of the pack because many companies use similar technologies. The global spending of big data continues to rise. Big companies such as Microsoft, SAP and IBM have an infinite budget. Although this is good, such budgets are a huge killer to startups; there is too much competition. The bottom line is that building a successful big data business is a tall order and not for the faint-hearted. But if startups prepare for these challenges, they shall eventually make it.